Why over 50's thread. 25 February 2019 at 7:52PM edited 25 February 2019 at 10:17PM in Over 50s MoneySaving 12 replies 4.1K views

Dandytf

As I head towards 46 in a few weeks.
Wondering why the over 50's thread is required via mse.
In respect of, what should I or others be considering that differs from earlier years.
E.g. As I move property 2ndtime 2009 I know that my 25 year mortgage finish line will be past 50 possibly 55 years old.
Any pensions will be exceptionally small in. Monetary terms as mix of two full time jobs recently reducing one to part time which has massive reduced pension.
Anything else I could be considering, and maybe I could start this year, rather than waiting until 50th.

Edited forgot to add Equity releases could become helpful from the allowed 55 though I'de need to understand that I wouldn't leave any debt if possible and if it would be worthwhile from a small valued 1 bedroom flat.

Dandytf

111 views and not one description of over 50's thread advantages.

newatc

I suppose your investment/saving perspective changes as your age. Fifty used to be a key age for some as pensions could have been payable just as 65 also used to be key age for state pensions and employment.
I think it is true that that has been blown out of the water now and perhaps a new expression should be used but I can't think of one that doesn't sound patronising and/or insulting or PC.

Dandytf

newatc wrote: »

I suppose your investment/saving perspective changes as your age. Fifty used to be a key age for some as pensions could have been payable just as 65 also used to be key age for state pensions and employment.
I think it is true that that has been blown out of the water now and perhaps a new expression should be used but I can't think of one that doesn't sound patronising and/or insulting or PC.

I suppose I'm correct in thinking it's best to reduce as much debt as possible pre 50's.
With my what's to become very small pension, I think any decent amount of debt could quickly become unsustainable.
Only visiting this thread to avoid leaving useful decisions to last minute over next few years.

Farway

Correct me if I have it wrong, but it started as "Over 60s" because there were various discounts, clubs etc, like B & Q, that all kicked in at 60

However the name was changed because some objected to 60 being the limit and thought 50 was the new 60

Apart from this bit of background I've nothing else to add

agrinnall

If you're not interested in it then don't read it. I turned 60 recently and have been keeping my eye on this board for a couple of years now, I occasionally add to a thread but rarely find anything that is of great interest, although I live in hope!

Clowance

I would say that maybe 50 is the age when the majority of people start thinking about their finances in retirement in the next decade or more and what they should be doing towards that, and read the board to see what other people are doing. Sadly most of us have to wait for the state pension to kick in even with small employer pensions.

203846930

Not wanting to sound pedantic but the OP ask why over 50s thread when it should be over 50s board or forum, perhaps that is why so few responses


My owner/dad retired from work at 55 taking a small income from his private pension, it took work from an FA to make it happen the way he wanted it to but in spite of a total fund less than £100,000 he has the income he needs to cover all his monthly bills and a little left over to spend on me, on top of that, the FA has made good on his promise that the fund 'should' grow at least as fast as the income withdrawn reduces it and after the first years losses due to various charges, the fund has grown more than has been withdrawn every year since.


Perhaps this is the kind of info the OP was looking for on this board/forum to go along with the various other tips about OAP discounts, I know my dad hardly visits this part of the forum but does check in now and then (like today) just to see what's available for his age bracket.

Browntoa

Very few people retire in their 40's but many more are able to in their 50's

It's a shared pool of knowledge for people in that age group and upward , ways to fill time , downsizing , LPA , wills , equity release , loss of a partner etc.

Yes these could be covered elsewhere but many people who visit this part of the forum have past experience and pass it on , a single thread here could cover multiple areas as one question leads to another.

The actual name of this board is really just a pointer to the sort of content .

Some people prefer to ask questions here rather in the dedicated savings, investment , benefits and will and probate boards.

badmemory

No longer child-centric or mortgage-centric, neither of which exactly roll off the tongue. Looking for FIRE? Newbies wouldn't know what we were talking about! Sorry I think we are stuck with the current name! After all I think we all get the idea of what it is about from the name it already has.

pollypenny

Farway wrote: »

Correct me if I have it wrong, but it started as "Over 60s" because there were various discounts, clubs etc, like B & Q, that all kicked in at 60

However the name was changed because some objected to 60 being the limit and thought 50 was the new 60

Apart from this bit of background I've nothing else to add

I think it was called 'Silver surfers' originally.

I only discovered MSE when I retired, anyway. I remembered reading his column in the Observer.